High-performance computer racks representing the HIVE AI and Bitcoin infrastructure strategy

HIVE’s AI Revenue Jumps 70% as Its Bitcoin Mining Engine Produces 1,070 BTC

By Isaac • November 10, 2026 7:12 pm • Comments

HIVE Digital Technologies is starting to look less like a pure Bitcoin miner and more like a two-engine infrastructure company.

The company reported $84.9 million in revenue for its fiscal second quarter, with its AI and high-performance computing business growing much faster than the mining side. That matters because Bitcoin mining economics remain brutal, even for operators with serious scale.

According to HIVE’s official quarterly release, total revenue rose 7.3% from the previous quarter but slipped 2.7% from a year earlier. The standout was BUZZ HPC: quarterly revenue reached $8.8 million, up 70.7% year over year and 25.3% sequentially.

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HIVE also mined 1,070 Bitcoin during the quarter, up from 1,004 in the previous period. Digital-currency revenue came in at $76 million, and the company says its mining operations now represent roughly 2% of the global Bitcoin network’s hashrate.

HIVE posted adjusted EBITDA of $24.8 million, an 85% sequential increase, and a gross operating margin of 35.6%. But the company also recorded a $78.7 million GAAP net loss.

That loss included $54.9 million of depreciation and a $31.2 million non-cash impairment tied to mining equipment. In plain English, the business generated better operating results while the declining value and difficult economics of older mining hardware weighed heavily on the formal bottom line.

The more interesting number may be HIVE’s AI backlog. Management reported about $40 million in live annualized GPU cloud revenue and approximately $185 million in contracted annualized revenue, including capacity that has not yet entered service.

That distinction is important. Contracted ARR is not the same thing as recognized revenue.

The deployments still depend on equipment delivery, financing, commissioning and customer acceptance. HIVE’s release says its contracted total includes a three-year sovereign AI agreement supporting Cohere and a five-year GPU cloud agreement with an investment-grade enterprise customer.

The company also has a letter of intent for long-term colocation at its 32-megawatt Big Boden site in Sweden. Management estimates that opportunity could represent roughly $45 million in annual revenue, but it remains conditional and is not included in contracted GPU cloud ARR.

The AI pivot does not mean HIVE is walking away from Bitcoin. Mining remains the larger revenue engine and the operating foundation that gives the company access to power, data-center expertise and cash flow.

HIVE finished the quarter with $139 million in cash and $22.6 million in digital currencies. It currently operates about 440 megawatts of global power capacity and expects that footprint to reach approximately 540 megawatts after another planned 100 megawatts comes online in Paraguay.

The strategy is easy to understand: keep mining Bitcoin at scale, then direct capital and power toward AI workloads where contracts may offer steadier and potentially higher-margin revenue.

The execution risk is just as clear. HIVE has to bring expensive GPU capacity online, convert contracted demand into live revenue and protect its balance sheet while Bitcoin prices and mining economics remain volatile.

For now, though, the quarter shows why the hybrid model is getting attention. HIVE’s mining operation is still producing more than 1,000 Bitcoin per quarter, while its AI revenue is growing at a pace that could materially change the company’s mix over the next year.

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